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  1. Any such company, institution or corporation may, on obtaining a license under this Act, hold in perpetuity lands to the extent set forth in its license, or in any order that may be made by the Lieutenant-Governor in Council at any time after the issue of the license. This section shall apply to lands heretofore or hereafter acquired.

  2. Such company, institution or corporation heretofore or hereafter licensed may take and hold any mortages of real estate and any railway, municipal or other bonds of any kind whatsoever and on the security thereof may lend its money, whether the bonds form a charge on real estate within the province or not, and may hold such mortgage in its corporate name, and may sell and transfer the same at its pleasure and in all respects shall have and enjoy the same powers and privileges with regard to lending its money and transacting its business within the said province as a private individual might have and enjoy, so far as may be within its corporate powers and within the competence of the legislature of Manitoba to grant.

  3. Any such company. institution or corporation, heretofore or hereafterlicensed as aforesaid, shall be capable of taking, holding and acquiring in addition to the land specified in section 10 hereof, all such lands and tenements, real and personal estate, as may or shall have been bond fide mortgaged to such company, institution or corporation, by way of security for, or conveyed to it in satisfaction of debts previously contracted in the course of its business or purclased at judical sales for such indebtedness, or acquired under tax sales or otherwise acquired or purchased for the purpose of avoiding a loss to the company, institution ur corporation in respect thereof, or of the owner thereof. This section shall apply to lands heretofore or hereafter acquired by any such company, institution or corporation heretofore or hereafter licensed as aforesaid.


  1. The fee for such license shall be such sum as may he fixed by the Lieutenant-Governor in Council.


  1. A certificate under the hand of the Provincial Secretary of the issue of such license shall be received as pined taro- evidence in all courts of justice and other tribunals. that such license has been duly issued, and is in force ; and the Provincial Secretary shall furnish such certificate to any person on payment of a fee of one dollar.


  1. The Lieutenant-( overnor in Council may at any time revoke any license granted under this Act or under any Act or Acts for which this Act has been substituted on account of the violation by any such company, institution or corporation of any of the provisions of this Act. Any such license so revoked shall be null and void as to any matter occurring subsequent to such revocation.


  1. Every- company, institution or corporation licensed under this Act shall annually transmit ,on or before the fifteenth day of March in each year, to the Provincial Secretary, a statement in duplicate, verified by the oath of the principal agent for the province of Manitoba, setting forth the capital stock of the company, the amount of stock subscribed and the amount paid in upon such stock, and as to the business of the said company, institution or corporation in the province of Manitoba, the amount invested in mortgage, the estimated value of real estate under mortgage, the number of acres of farm lands under mortgage and such other details as the said Provincial Secretary may require ; and the said statement shall be made up to the end of the last preceding fiscal year of the company's business.


  1. fhe Foreign Corporations Act, being chapter 24 of the Revised Statutes of Manitoba, and the Acts amending the same, namely, chapter 4 of 55 Victoria and chapter S of 56 Victoria, are hereby repealed. Licenses heretofore issued under the provisions of the said " The Foreign Corporations Act," or of any Act or Acts for which the same was wholly or partially substituted, shall be held to be continued in force as if issued under this Act.

1S. This Act shall not apply to the corporation known as " The Governor and Company o Adventurers of England trading into Hudson's Bay."

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